AssetCo PLC Court of Appeal update (4825Z)

TIDMASTO

RNS Number : 4825Z

AssetCo PLC

18 September 2020

Friday, 18 September 2020

AssetCo plc

("AssetCo")

Providers of management and resources to the fire and emergency services in the Middle East

Court of Appeal update

AssetCo announces the following update in connection with its litigation case against Grant Thornton UK LLP (Grant Thornton):

The Court of Appeal today made a ruling that:

 
      1. Grant Thornton shall pay 75% of AssetCo's costs of the 
       appeal, to be assessed if not agreed 
      2. Grant Thornton must make a payment on account of costs 
       of GBP250,000, and 
      3. Grant Thornton's application for permission to appeal to 
       the Supreme Court is dismissed along with AssetCo's application 
       for permission to cross appeal. The Court of Appeal also rejected 
       Grant Thornton's application that AssetCo should pay their 
       costs of the appeal. 
 

As a result of the Court of Appeal hearings the current estimate of the benefit to AssetCo including interest and costs is GBP28.45m. This is after a reduction in the damages from GBP21.2m to GBP15.6m plus interest accrued to date of GBP7.6m and an interim payment of costs of GBP5.25m.

It is open to Grant Thornton to seek permission from the Supreme Court to appeal to the Supreme Court, and further announcements will be made in due course as appropriate.

 
 Enquiries: 
  AssetCo plc 
  Tudor Davies, Chairman 
  Tel: [phone] 
  [phone] 
 
 Arden Partners plc 
  Nominated adviser and broker 
  John Llewellyn-Lloyd/ Ciaran 
  Walsh 
  Tel: [phone] 
 
 TooleyStreet Communications 
  Fiona Tooley 
  Email: [e-mail] 
  Mobile: [phone] 
 

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September 18, 2020 10:33 ET (14:33 GMT)